In October 2015, Congress passed the Bipartisan Budget Act of 2015 which included the “Closure of Unintended Loopholes” provision. This provision eliminates two Social Security retirement benefit claiming strategies available to married couples. Effective April 29th, couples will no longer be able to “file-and-suspend” a worker benefit while collecting a spousal retirement benefit. People ages 66 to 69 have less than two weeks to be grandfathered in with the old file-and-suspend claiming rules.
Many people have aspirations of retiring while still in their 50’s. The idea of being able to relax and do what you want at a relatively early age after decades of working can be heartening. However wonderful retiring early may sound, there are several things that must be considered.